Red Flags Detected

• ⚠ Controlled Company (new) — Post-combination, EEME and its affiliates will hold a significant portion of voting power, enabling them to influence board composition and stockholder actions even without majority control.
• ⚠ Going Concern (new) — XCF Global's management has identified substantial doubt about its ability to continue as a going concern, and DevvStream also states material uncertainties that cast substantial doubt on its ability to continue.
• ⚠ Material Weakness (new) — Multiple material weaknesses in internal control over financial reporting remain unremediated, including lack of journal entry review, inadequate risk assessment, and IT general control deficiencies.
• ⚠ Related-party (new) — EEME and GL, owned by Majique Ladnier, are significant equity investors in all three companies, and Ms. Ladnier owns 100% of Southern Energy and serves as its president and sole director, creating conflicts of interest.
• ⚠ Concentration (new) — The company's only operating production facility faces a ground lease default notice, and its key supply and offtake agreement with Phillips 66 was terminated, creating single-asset and single-customer dependence.
• ⚠ Product/regulatory Liability (new) — The company is not in compliance with Nasdaq's minimum bid price requirement and has until December 7, 2026 to regain compliance, risking delisting.
• ⚠ Cryptocurrency Treasury Strategy (new) — Filing discloses a named Bitcoin treasury/financing strategy (1940-Act risk). On minimal cash with going-concern doubt, this non-standard treasury pivot is material even when a related financing line moves out of Recent Developments.